Asked by
Kayla Pierce
on Nov 05, 2024
Verified
A person who chooses not to be in the labor force reveals that
A) his potential product in the market is zero.
B) either leisure or the value of nonpaid labor is worth more to him than the value that society places on his potential product in the market.
C) either leisure or the value of nonpaid labor is worth less to him than the value that society places on his potential product in the market.
D) either leisure or the value of nonpaid labor is worth zero to him.
Labor Force
The total number of people eligible to work, including both the employed and the unemployed who are seeking work.
Leisure
Free time when one is not working or occupied, allowing for relaxation, hobbies, and personal activities.
Nonpaid Labor
Work that does not receive financial compensation, often seen in domestic tasks, volunteer work, or internship experiences.
- Acquire knowledge about the concept of voluntary exchange and its importance in elevating society's welfare.
Verified Answer
NV
Learning Objectives
- Acquire knowledge about the concept of voluntary exchange and its importance in elevating society's welfare.